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33-397: The company began in 1981 as a small oil and gas exploration and production company called Plains Resources. It became a publicly traded company via an initial public offering in 1998. Major acquisitions include: The company earned a profit in nine of the ten calendar years from 2013 to 2022. It reported a $ 2.59 billion loss for calendar year 2020. Management attributed the 2020 loss to

66-440: A company they perceive as possibly lacking liquidity. For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand. So, sellers would have to either reduce their price or choose not to sell. Thus,

99-401: A long period of time after maturity into a profitable company. However, from 1997 to 2012, the number of corporations publicly traded on US stock exchanges dropped 45%. According to one observer ( Gerald F. Davis ), "public corporations have become less concentrated, less integrated, less interconnected at the top, shorter lived, less remunerative for average investors, and less prevalent since

132-513: A public company. In the United Kingdom , it is usually a public limited company (plc). In France , it is a société anonyme (SA). In Germany , it is an Aktiengesellschaft (AG). While the general idea of a public company may be similar, differences are meaningful and are at the core of international law disputes with regard to industry and trade. Usually, the securities of a publicly traded company are owned by many investors while

165-553: A separate entity, its former shareholders receiving compensation in the form of either cash, shares in the purchasing company or a combination of both. When the compensation is primarily shares then the deal is often considered a merger . Subsidiaries and joint ventures can also be created de novo . That often happens in the financial sector. Subsidiaries and joint ventures of publicly traded companies are not generally considered to be privately held companies (even though they themselves are not publicly traded) and are generally subject to

198-476: Is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( listed company ), which facilitates the trade of shares, or not ( unlisted public company ). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are private enterprises in

231-629: Is especially prevalent in such countries as the United Kingdom and the United States. In the United States, the Securities and Exchange Commission requires firms whose stock is traded publicly to report their major shareholders each year. The reports identify all institutional shareholders (primarily firms that own stock in other companies), all company officials who own shares in their firm, and all individuals or institutions owning more than 5% of

264-408: Is privately held can buy out the shareholders of a public company, taking the company off the public markets. That is typically done through a leveraged buyout and occurs when the buyers believe the securities have been undervalued by investors. In some cases, public companies that are in severe financial distress may also approach a private company or companies to take over ownership and management of

297-401: Is traded on a major stock exchange, it is not uncommon when shares are traded over-the-counter (OTC). Since individual buyers and sellers need to incorporate news about the company into their purchasing decisions, a security with an imbalance of buyers or sellers may not feel the full effect of recent news. Diamond Pipeline Oil pipeline system in

330-404: Is when a company has little or no trading activity and the market price is simply the price at which the most recent trade took place, which could be days or weeks ago. This occurs when there are no buyers willing to purchase the securities at the price being offered by the sellers and there are no sellers willing to sell at the price the buyers are willing to pay. While this is rare when the company

363-570: The Diamond pipeline and the Capline pipeline. Concerns over the pipeline's route through the Memphis Sand aquifer, as well as the city's predominantly Black neighborhoods, sparked an opposition movement. The struggle to stop the pipeline gained widespread attention, with environmental and social justice advocates like Jane Fonda and Danny Glover lending their support. Former Vice-President Al Gore called

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396-618: The Red Deer River , which spilled approximately 1,000-3,000 barrels of light sour crude into the Red Deer River. The company was charged in 2014. On May 19, 2015, a pipeline operated by the company ruptured northwest of Santa Barbara, California . Within 24 hours, oil polluted approximately 9 miles of the Santa Barbara coast. The spill shut down the popular El Capitán State Beach and Campground during Memorial Day weekend, just prior to

429-469: The private sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in the polity in which they reside. In the United States , for example, a public company is usually a type of corporation though a corporation need not be

462-451: The 1934 Act are generally deemed public companies. A public company possess some advantages over privately held businesses. Many stock exchanges require that publicly traded companies have their accounts regularly audited by outside auditors and then publish the accounts to their shareholders. Besides the cost, that may make useful information available to competitors. Various other annual and quarterly reports are also required by law. In

495-566: The COVID-19 global pandemic, which reduced demand for energy products. In response, the company recorded goodwill impairment losses and non-cash impairment charges of some $ 3.4 billion in 2020. As of August 2023, Plains All American's senior unsecured debt was rated Baa3 by Moody's Investors Service , and BBB− by Fitch Ratings and S&P Global Ratings . All three ratings are generally considered "investment grade." Plains All American Pipeline reported Total CO2e emissions (Direct + Indirect) for

528-574: The United States Diamond Pipeline [REDACTED] Diamond Pipeline Route Location Country United States General information Type Crude oil Owner Plains All American Pipeline Valero The Diamond Pipeline is an oil pipeline system that runs from Cushing, Oklahoma , to Memphis, Tennessee , in the United States. In 2016, the engineering plans, permits, and construction will commence, anticipating to finish construction of

561-492: The United States, the Sarbanes–Oxley Act imposes additional requirements. The requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control. The principal–agent problem , or the agency problem is a key weakness of public companies. The separation of a company's ownership and control

594-520: The beginning of the summer high season. The spill leaked 105,000 US gallons (2,500 bbl), including 20,000 US gallons (480 bbl) that reached the Pacific Ocean . The United States House Committee on Energy and Commerce opened an investigation into the oil spill on June 25, 2015. Companies are required to report to the National Response Center on the release of hazardous-material "at

627-432: The company. One way of doing so would be to make a rights issue designed to enable the new investor to acquire a supermajority . With a supermajority, the company could then be relisted, or privatized. Alternatively, a publicly traded company may be purchased by one or more other publicly traded companies, with the target company becoming either a subsidiary or joint venture of the purchaser(s), or ceasing to exist as

660-457: The earliest practicable moment."; however, the company did not initially report the spill. According to preliminary findings of the federal Pipeline and Hazardous Materials Safety Administration released in June 2015, corrosion had worn a pipeline section to less than an inch thick. By June 2015 the cost of cleanup rose to USD$ 92 million. Santa Barbara County firefighters were among the first to discover

693-444: The firm's stock. For many years, newly-created companies were privately held but held initial public offering to become publicly traded company or to be acquired by another company if they became larger and more profitable or had promising prospects. More infrequently, some companies such as the investment banking firm Goldman Sachs and the logistics services provider United Parcel Service (UPS) chose to remain privately held for

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726-425: The number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization. Another example of the impact of volume on the accuracy of market capitalization

759-600: The pipeline a “reckless, racist rip-off,” and U.S. Rep. Steve Cohen asked President Joe Biden to consider revoking the project's federal permit. After defending the pipeline and then putting its planned construction on hold in May 2021, the company announced on July 2, 2021 that it was abandoning the project. Community leader Justin J. Pearson called the pipeline’s cancellation an “extraordinary testament to what Memphis and Shelby County can do when citizens build power toward justice.” Publicly traded company A public company

792-820: The pipeline in 2017. According to the U.S. Army Corps of Engineers , the pipeline will cross approximately 500 bodies of water including streams and rivers. The pipeline will also cross approximately 11 drinking water sources. References [ edit ] ^ "Diamond Pipeline" . Diamond Pipeline LLC . Retrieved 2016-02-21 . ^ Kumat, Devika Krishna; Sims, Bryan (2018-01-29). "Diamond Pipeline disrupts oil flows around U.S." Reuters . Retrieved 2018-08-06 . ^ "Diamond Pipeline" . Diamond Pipeline LLC. ^ "The Diamond Pipeline: Cutting through watersheds, aquifers" . Arkansas Times. Retrieved from " https://en.wikipedia.org/w/index.php?title=Diamond_Pipeline&oldid=1245375170 " Categories : Crude oil pipelines in

825-497: The price per share. For example, a company with two million shares outstanding and a price per share of US$ 40 has a market capitalization of US$ 80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded. Low trading volume can cause artificially low prices for securities, due to investors being apprehensive of investing in

858-446: The same reporting requirements as publicly traded companies. Finally, shares in subsidiaries and joint ventures can be (re)-offered to the public at any time. Firms that are sold in this manner are called spin-outs . Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly traded corporation. That often entails

891-492: The shares of a privately held company are owned by relatively few shareholders. A company with many shareholders is not necessarily a publicly traded company. Conversely, a publicly traded company typically (but not necessarily) has many shareholders. In the United States, companies with over 500 shareholders in some instances are required to report under the Securities Exchange Act of 1934 ; companies that report under

924-555: The spill, before being notified by the company, and they "built a rim of rocks to prevent oil from running to the shoreline." In March 2020, the company agreed to pay over $ 60 million in penalties related to the incident. In December 2019, the company announced a joint venture with Valero Energy Corp . to build the Byhalia Connection pipeline – a crude oil pipeline system that would run 49 miles from Memphis to Marshall County, Mississippi, and connect two existing crude oil pipelines:

957-428: The turn of the 21st century". Davis argues that technological changes such as the decline in price and increasing power, quality and flexibility of computer numerical control machines and newer digitally enabled tools such as 3D printing will lead to smaller and more local organization of production. In corporate privatization, more often called " going private ," a group of private investors or another company that

990-772: The twelve months ending 31 December 2020 at 1,929 Kt (-290 /-13.1% y-o-y). In 2010, the company agreed to pay a $ 3.25 million civil penalty for violating the Clean Water Act and to spend $ 41 million to upgrade more than 10,000 miles of crude oil pipelines after the United States Environmental Protection Agency pressed charges regarding 10 pipeline spills in Texas, Louisiana, Oklahoma, and Kansas between June 2004 and September 2007 that spilled over 273,000 gallons of crude oil, some of which ended up in rivers, lakes, and oceans. The 2011 Little Buffalo oil spill

1023-409: The would-be buyer(s) making a formal offer for each share of the company to shareholders. The shares of a publicly traded company are often traded on a stock exchange . The value or "size" of a company is called its market capitalization , a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times

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1056-477: Was closed due to concerns about the effects of fumes. The incident resulted in charges against the company in 2013. In 2013, the Energy Resources Conservation Board of Alberta reprimanded the company for operational failures in connection with the oil spill. Heavy rains in early June 2012 caused a leak on a 46-year-old Plains Midstream Canada pipeline at Jackson Creek, Alberta, a tributary of

1089-610: Was one of the largest land-based oil spills in North America, the largest oil spill in Alberta in 36 years, and the second spill in Alberta within a two-week period. The Rainbow Pipeline system, owned by Plains Midstream Canada, ruptured on April 29, 2011, spilling 28,000 barrels of oil in a fairly isolated stretch of boreal forest in northern Alberta , about four miles from the nearest homes in Little Buffalo, Alberta . The local school

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